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Commodities Briefing - Archive | December, 2009

List of the top-performing commodities of the decade

Posted on 24 December 2009 by VRS  |  Email |Print

From Wallstreetpit.com: The commodities market continues to perform well. In the last ten years, according to the following table, courtesy of The Oil Trader’s blog, sugar has been the best performing commodity of the decade, posting a gain of 316%.
The second best performing commodity of the decade has been cocoa, with a gain of 288% and Gold was third with a 278% appreciation. The worst performer in the commodity complex was palladium losing 18.66%…………………………………..Full Article: Source

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Year of two halves for commodities

Posted on 24 December 2009 by VRS  |  Email |Print

From Heraldscotland.com: The prices of leading commodities, ranging from industrial metals like lead, copper and zinc to foodstuffs such as sugar, tea and coffee, rallied in the second half of the current year and are expected to perform strongly in 2010, but some will fare better than others.

“The rally in commodity prices in 2009 has been extraordinary – faster than normal and from a higher base,” said Patricia Mohr, an economics and commodity market specialist at Scotiabank in Toronto…………………………………..Full Article: Source

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Curtis Hesler on commodities

Posted on 24 December 2009 by VRS  |  Email |Print

From Forbes: Gold’s drive higher is not a one-way street, nor is the dollar’s decline. The dollar’s rally will coincide with a correction in gold back to the $1,000 level where it will offer investors a splendid opportunity to buy either the metal or mining shares.
If you are of a mind to pick up a decent gold stock, I suggest the core of your gold portfolio be in Goldcorp. This is likely the very best gold miner on the planet. I have my sights set on accumulating Goldcorp at $34.50 or better during the next correction…………………………………..Full Article: Source

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U.S. CFTC road to reform

Posted on 24 December 2009 by VRS  |  Email |Print

From Reuters: The U.S. Commodity Futures Trading Commission is expected to decide soon whether to issue regulations to rein in speculation in the energy and commodity markets by imposing contract position limits.

The agency came under pressure in 2008 to strengthen its oversight of the markets after excessive speculation was blamed for much of the record run-up in food and energy prices last
year…………………………………..Full Article: Source

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Palladium and oil to rise in 2010 but gold, silver, zinc lead and nickel to fall: RBS

Posted on 24 December 2009 by VRS  |  Email |Print

From Mineweb.com: Despite the worst economic recession since 1945, RBS asserts, we have had a telescoped commodity cycle, with peak to trough in just nine months against an average of 41 months for previous recessions.
From trough halfway back to peak has taken just nine months. For the short term, it’s now about the economic macro delivering along with exit strategies working………………………………….Full Article: Source

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China to establish rare metal reserve system in 2010

Posted on 24 December 2009 by VRS  |  Email |Print

From People.com.cn: Chen Yanhai, director general of the Department of Raw Material Industry under the Ministry of Industry and Information Technology (MIIT), said recently that in 2010, MIIT will cooperate with relevant departments to strengthen the protection of resources and establish a rare metal reserve system.

China’s reserves of rare metals including tungsten, indium and rare earth all rank first in the world, and the output of the metals accounts for over 80 percent of the world’s total output, and deposits of rare metals such as molybdenum and germanium also rank among the most extensive in the world…………………………………..Full Article: Source

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Carlos Sanchez: Gold may top $1,200 by year-end

Posted on 24 December 2009 by VRS  |  Email |Print

From Hardassetsinvestor.com: Investment demand has been the main driver behind prices over the past couple of years, and more so over the past several months. I think investors continue to be concerned over financial markets, economic conditions and political conditions as well.
So I think with weak economic growth, with high unemployment, with what’s going on in Afghanistan, Iran, etc., you have increased concern. And investors continue to rush to safe-haven assets such as gold…………………………………..Full Article: Source

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Will speculators drive up gold, silver prices in 2010?

Posted on 24 December 2009 by VRS  |  Email |Print

From Commodityonline.com: Silver and gold prices rose slightly in early trading Monday, but those gains were quickly erased as a rebounding dollar forced gold down below the psychological support level of $1,100 an ounce to close at $1,092.30 in New York, and silver dropped below the crucial $17.00 level to as low as $16.93 before closing at $17.01 an ounce.

The dollar is continuing its December rally after hitting a 15-month low November 26. Traders are betting on rising Fed rates in 2010 and an improving economy…………………………………..Full Article: Source

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The real reason gold’s above $1,000

Posted on 24 December 2009 by VRS  |  Email |Print

From Fool.com: Gold has risen and stayed at well over $1,000 an ounce. Although we’ve gotten used to this new level, investors are asking what it means and whether it will last.

To add to the puzzle, gold is high and rising when the dollar is weak and falling. This runs against the traditional pattern of both gold and the U.S. dollar being viewed as hedges against bad times and thus rising together…………………………………..Full Article: Source

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European aluminium smelters an endangered species

Posted on 24 December 2009 by VRS  |  Email |Print

From Reuters: The European aluminium smelter sector is buckling under the strain of high power and environmental costs and may be in danger of disappearing altogether in the not-too-distant future.
That is the view of Patrick de Schrynmakers, secretary-general of the European Aluminium Association (EAA).He told Reuters earlier this month that around two-thirds of the region’s smelters are in danger of closing…………………………………..Full Article: Source

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Oil prices may see cyclical rebound next year

Posted on 24 December 2009 by VRS  |  Email |Print

From Business24-7.ae: Oil took several adverse factors into its stride and rallied even as other commodities put up a lacklustre performance yesterday. Nymex crude for delivery in February rose 0.54 per cent to $ 74.80 a barrel. Dated Brent spot prices rose 0.59 per cent to $ 73.15 a barrel.

While oil prices have rallied in the past few days, factors that are known to propel oil prices are simply not present…………………………………..Full Article: Source

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Iraq plans to increase oil production

Posted on 24 December 2009 by VRS  |  Email |Print

From Businessweek.com: Iraq’s plan to boost oil output with the help of foreign companies may upset the Organization of Petroleum Exporting Countries’ efforts to support prices because the nation has no quota to limit its production.

Oil companies including Royal Dutch Shell, BP, and OAO Lukoil may help Iraq meet a target to boost oil output capacity to 12 million barrels a day in the next six years after winning oil licensing rounds earlier this year…………………………………..Full Article: Source

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Iraq to rival Saudi Arabia in OPEC oil stakes: analysts

Posted on 24 December 2009 by VRS  |  Email |Print

From Dailystar.com.lb: A surge from Iraq’s oilfields will occupy OPEC crude producers in coming years as the recovering country’s output challenges that of Saudi Arabia, observers said as the cartel held its latest meeting.
Iraq has signed several contracts this month with foreign oil companies and said it could raise production to 12 million barrels a day by 2016 – a level to rival Saudi Arabia, the world’s biggest oil producer…………………………………..Full Article: Source

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Why crude oil isn’t safe for individual investors

Posted on 24 December 2009 by VRS  |  Email |Print

From Marketoracle.co.uk: According to the International Energy Agency, worldwide global demand for oil is currently running at 84.8 million barrels per day. That’s nearly a 2% drop from 2008’s levels of 86.3 million barrels per day.
Over the same time period, oil supply actually rose from 85.2 million barrels per day to 85.6 barrels per day roughly 0.5%…………………………………..Full Article: Source

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Copenhagen Accord a clear goal but not enough: IEA

Posted on 24 December 2009 by VRS  |  Email |Print

From Xinhua: The Copenhagen Accord provides guidance for future actions on climate change, but the emission reduction pledges are not sufficient, the Paris-based International Energy Agency (IEA) said Tuesday in a statement.

The Copenhagen Accord paved the way toward a legally binding agreement, with a clear environmental goal of limiting the increase in global temperature to 2 degrees Celsius, the IEA said…………………………………..Full Article: Source

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Copenhagen: a missed opportunity for business

Posted on 24 December 2009 by VRS  |  Email |Print

From Greenwisebusiness.co.uk: As political support for the ‘Copenhagen Accord’ begins to unravel, business has made it clear it is unimpressed at the failure of reaching a robust deal at the UN Climate Summit last week.
The message couldn’t have been clearer from business in the lead up to Copenhagen…………………………………..Full Article: Source

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EU carbon-trading scheme puts a price on pollution

Posted on 24 December 2009 by VRS  |  Email |Print

From Dw-world.de: With climate experts still reeling from the disappointment of the Copenhagen climate summit, negotiations to develop a strong carbon market continue. The European Union’s system could set an example for the world.
The European Trading Scheme (ETS), which began its first phase 2005, is seen by the European Union as the best way to force emission reductions in the industrial sector and shift to cleaner technologies. The ETS is about to moves into its second phase amid concerns that it has significant flaws…………………………………..Full Article: Source

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The trouble with commodity ETFs

Posted on 24 December 2009 by VRS  |  Email |Print

From Seekingalpha.com: Less than two months after my detailed analysis on one pig of an ETN, and less than a week after reiterating the pathetic performance of the VXX as the worst ETN ever, comes this news from Bespoke and Clusterstock.
While the shortcomings of ETFs that track commodities have been well documented, the discrepancy between the price of natural gas and the ETF that is meant to track its price provides a great reminder of why many of these more exotic vehicles should be avoided…………………………………..Full Article: Source

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OPEC decision could boost crude oil ETFs

Posted on 24 December 2009 by VRS  |  Email |Print

From Etfdb.com: In 2009, crude oil prices have surged from about $35 per barrel to nearly $80, making this a good year for many in the oil business.
The Organization of Petroleum Exporting Countries (OPEC) has been one of the main beneficiaries of a recovering global economy, as a return in demand for crude has translated into increased profitability for global oil companies and the governments of oil-rich countries…………………………………..Full Article: Source

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Gold mining funds outperform ETFs in 2009

Posted on 24 December 2009 by VRS  |  Email |Print

From Thehindubusinessline.com: Gold prices were often in the news this year due to its upward movements. However, investors who wanted to piggyback on the firm trend should have chosen global gold funds rather than the gold ETFs.

Funds that invest in gold mining stocks (which underperformed gold ETFs in 2008) staged a sharp recovery in 2009. The rebound in world equity markets and safe-haven buying in gold led by dollar’s value depreciation fuelled the run-ups in gold stocks…………………………………..Full Article: Source

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Dollar trades near three-month high on signs of U.S. recovery

Posted on 24 December 2009 by VRS  |  Email |Print

From Bloomberg: The dollar traded within half a cent of the highest level in more than three months against the euro before a report that may add to signs of a recovery in the world’s largest economy.

The dollar was also near an eight-week high against the yen as investors bet data today will show sales of new homes in the U.S. increased to the most in more than a year…………………………………..Full Article: Source

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Jump in commodities prices underpins stocks

Posted on 24 December 2009 by VRS  |  Email |Print

From Businessweek.com: Stocks were marginally higher Wednesday as rising commodity prices offset losses that followed a disappointing report on housing.

Major stock indexes edged higher in midafternoon trading as gains in commodities drove the shares of energy and materials-producing companies higher. Gold, oil and other commodities rose as the dollar dropped…………………………………..Full Article: Source

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Best and worst commodities of the decade

Posted on 23 December 2009 by VRS  |  Email |Print

From Cnbc.com: Although most commodities were on a steady upward trend from 2002 to late 2006, it was not until 2007 and mid-2008 that the rally intensified, as depicted on the Goldman Sachs Commodity Index (GSCI), a measure of a basket of commodities.

Crude oil, for example, hit a record intraday high of $147 per barrel on July 2008, nearly tripling in price from levels in mid-January 2007………………………………….Full Article: Source

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Where to get commodity exposure via ETFs in 2010

Posted on 23 December 2009 by VRS  |  Email |Print

From Seekingalpha.com: After a roller-coaster decade of returns in traditional asset classes like stocks and bonds, many investors have started looking to alternative assets, like commodities, to help round out portfolios. Of course, adding commodities to an asset allocation strategy is no silver bullet.
Buying natural gas futures doesn’t give you a stake in the cash flow of a business like stocks or the steady income stream from bonds………………………………….Full Article: Source

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Marc Faber’s 2010 investment outlook

Posted on 23 December 2009 by VRS  |  Email |Print

From Seekingalpha.com: This must see three part interview details Faber’s 2010 outlook. He likes commodities (wheat and natural gas in particular), Japan & hates the U.S. He continues to forecast hyperinflation as the government prints its way out of the crisis (this is very similar to Julian Robertson’s outlook).
He still believes the capitalist system will fail in spectacular fashion………………………………….Full Article: Source

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Ten worst performing ETFs of 2009

Posted on 23 December 2009 by VRS  |  Email |Print

From Etfdb.com: For most investors, 2009 has been a very good year, with a surge in liquidity leading almost all asset classes to big gains. As many national economies emerged from recession, investors regained their appetite for risk, sending emerging markets funds through the rook (these funds dominated the list of the Top Ten Performing Equity ETFs).
But less risky asset classes also jumped in 2009, and the vast majority of exchange-traded products are heading towards the finish line well in the black on the year………………………………….Full Article: Source

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Commodities buying rises in 2009

Posted on 23 December 2009 by VRS  |  Email |Print

From Commodityonline.com: This year has seen the base metals perform far better than even our own bullish expectations. The initial catalyst for the recovery was the Chinese stimulus package and its aggressive purchasing of various commodities at the beginning of the year.

After the initial China effect, the commodity price rally was driven by the investor community and abundant liquidity in the financial markets, before finally, over the past few weeks or so, the global recovery and growth story finally appears to be having a say………………………………….Full Article: Source

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Gold trends, hot commodities and the major indexes—What’s next?

Posted on 23 December 2009 by VRS  |  Email |Print

From Theaureport.com: Gold has been leading the market for almost a year. Last week gold and gold stocks were trading at support looking ready to bottom but, as you will see in my charts below, both broke support on heavy volume.

With gold now underperforming the stocks market, I get the feeling we could see the broad market top. Topping is a process and after this strong climb I figure it will be choppy (tough to trade)………………………………….Full Article: Source

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Oil demand will grow 1.5pct yearly: Al-Falih

Posted on 23 December 2009 by VRS  |  Email |Print

From Saudigazette.com.sa: Global energy demand will increase 40 percent by 2030, Saudi Aramco President and CEO Khalid A. Al-Falih said during a recent visit to its markets in Asia.
“The developing economics of the world are at the heart of the International Energy Agency’s forecast that the world’s primary energy demand will increase,” he said, noting that the forecast projects growth of 40 percent by 2030 - roughly 1.5 percent per year………………………………….Full Article: Source

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OPEC opts to hold output steady

Posted on 23 December 2009 by VRS  |  Email |Print

From AP: OPEC held its year-old output targets unchanged, as the group grappled with overproduction by some in its ranks that could undercut efforts to support oil prices amid a fragile global economic recovery.

The Organization of the Petroleum Exporting Countries wrapped up its meeting Tuesday in the Angolan capital by deciding that the best plan of action was not to act. The 12-member bloc highlighted concerns about the strength of the global economic recovery, and again called on oil producers outside the group to cooperate in propping up oil markets………………………………….Full Article: Source

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OPEC warns of weak recovery for oil market

Posted on 23 December 2009 by VRS  |  Email |Print

From AFP: The OPEC oil producers’ cartel warned of lingering weakness in the world economy and held its emergency crude output quotas unchanged at its meeting in Angola on Tuesday.

Delegates at the meeting also said that growing output from Iraq’s recovering oilfields, which observers say will become a major concern for its fellow producers, was unlikely to have an impact for several years………………………………….Full Article: Source

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Oil prices: OPEC stands pat–or does it?

Posted on 23 December 2009 by VRS  |  Email |Print

From WSJ: Here’s the thing about OPEC’s decision to maintain current levels of crude-oil production today: It really amounts to a production cut, but the market doesn’t care.

The oil cartel for the fourth time this year maintained current production levels, pretty much as everyone expected. With one big caveat: OPEC honchos called for oil-producing states to comply with their output quotas after an alarming lack of discipline since the spring………………………………….Full Article: Source

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OPEC casts doubt on oil market

Posted on 23 December 2009 by VRS  |  Email |Print

From AFP: The OPEC oil producers’ cartel warned of lingering weakness in the world economy and held its emergency crude output quotas unchanged at its meeting on Tuesday.

“The economic recovery has gathered pace,” said the group’s president, Angolan Oil Minister Jose Botelho de Vasconcelos. “However, doubts remain about the dynamics of the recovery,” he added………………………………….Full Article: Source

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Iraq will double exports to China to satisfy thirst for oil

Posted on 23 December 2009 by VRS  |  Email |Print

From Timesonline.co.uk: Iraq is to more than double its exports of crude to China next year as energy demand in the world’s most populous country continues to grow briskly on the back of an economic recovery.

Speaking at a meeting of the Opec oil cartel in Luanda, the capital of Angola, Hussain al-Shahristani, the Iraqi Oil Minister, said that the country’s crude shipments to China would be boosted from about 144,000 barrels per day to 300,000 in 2010………………………………….Full Article: Source

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This year in clean energy - What a ride

Posted on 23 December 2009 by VRS  |  Email |Print

From Renewableenergyworld.com: The year 2009 started off with a bang for the clean energy industries — encompassing energy efficiency, renewable energy, clean distributed generation — for manufacturers, project developers, installers — the whole family of industries.
President Obama assumed office in January ‘09 and by February the Stimulus Bill (ARRA) was signed into law, extending the portfolio of clean energy tax credits, but also setting in motion billions of dollars of loan guarantees and grants………………………………….Full Article: Source

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Wind energy industry highlights of 2009

Posted on 23 December 2009 by VRS  |  Email |Print

From Evwind.es: Reflecting on a year that opened with high expectations for renewable energy from the new Obama Administration and was buffeted by economic storms, AWEA identified the wind industry’s top accomplishments in 2009.
“Wind power is a symbol of hope in our economy and supports thousands of jobs, but U.S. wind turbine manufacturing is lagging at the very time that the global clean energy race is heating up,” said AWEA CEO Denise Bode………………………………….Full Article: Source

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China considers compulsory green energy purchases

Posted on 23 December 2009 by VRS  |  Email |Print

From Xinhua: China’s top legislature Tuesday discussed a legal amendment to require electricity grid companies to buy all the power produced by renewable energy generators.

The State Council energy department and the state power regulatory agency should supervise the purchases, said the draft amendment to the Renewable Energy Law, which was submitted to the Standing Committee of the National People’s Congress (NPC) for its second reading………………………………….Full Article: Source

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A look at carbon-right disputes

Posted on 23 December 2009 by VRS  |  Email |Print

From Xinhua: Climate change is an issue that concerns the common interest of the international community, regardless of a country’s development status. However, it’s regrettably ironic that the West still approached climate change at the Copenhagen summit with the power politics of a Cold War mindset.

With the absoluteness of “global warming” being replaced by the conceptual ambiguity of “climate change”, it has turned out that the forces pushing the world toward a climate problem are not generated from the catastrophic scenario of “global warming” drawn by scientists, but from the wrestling over a carbon-credit standard system and carbon rights that lie behind it………………………………….Full Article: Source

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E.U. blames others for ‘great failure’ on climate

Posted on 23 December 2009 by VRS  |  Email |Print

From Nytimes.com: European Union leaders on Tuesday sought to deflect criticism that they had fumbled their strategy at the Copenhagen climate summit meeting, just as a feud between the British and the Chinese over whom to blame for the outcome worsened.
Andreas Carlgren, the environment minister of Sweden, the country holding the rotating E.U. presidency, said that the summit meeting had been a “great failure” partly because other nations had rejected targets and a timetable for the rest of the world to sign on to binding emissions reductions………………………………….Full Article: Source

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Nickel remains a cruel mistress

Posted on 23 December 2009 by VRS  |  Email |Print

From Mineweb.com: Nickel, infamous for owning possibly the most volatile pricing history among commodities, has done it again during the latest cycle, enticing four mining majors to splash out nearly US$50bn cash on acquisitions that have unequivocally ended in huge pools of tears.
The disaster is consistent with the evolution in nickel prices, which summarily collapsed from close on US$25.00/lb in mid-2007 to around US$5.00/lb, recovering recently to levels around US$8.00/lb………………………………….Full Article: Source

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Gold prices plunge. Is bullion bubble bursting?

Posted on 23 December 2009 by VRS  |  Email |Print

From Commodityonline.com: Following Monday’s give-up of Friday’s hard-fought gains, gold prices headed lower still in the early Tuesday trading hours. The yellow metal hit a fresh, six-and-a-half week low in spot levels, under $1085 per ounce. At least three culprits stood out in the suspect line-up like sore thumbs today as well: the dollar, thin market conditions, and profit-takers.

Moody’s decision to downgrade Greek sovereign debt from A1 to A2, albeit still higher than Fitch’s and S&P’s, added to credit jitters this morning and supported strength in the US dollar (last seen at 1.428 against the euro)………………………………….Full Article: Source

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Investors pile money into Gold ETFs

Posted on 23 December 2009 by VRS  |  Email |Print

From Commodityonline.com: Investors Buying Gold have poured large amounts of money into gold exchange-traded funds (ETFs) and could carry on doing so as the precious metal continues to perform.

According to one expert, Gold Bullion has recently hit soaring price highs and, despite a subsequent dip, will continue to offer investors great value in the long term………………………………….Full Article: Source

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Korean won to lead Asian currency gains in 2010

Posted on 23 December 2009 by VRS  |  Email |Print

From Reuters: The South Korean won and the Indian rupee are set to outperform other emerging Asian currencies next year on views their central banks will start raising rates sooner than their regional peers, a Reuters poll shows.

The won is likely to be the top performer, rallying 12 percent against the dollar between now and the end of next year, followed by the rupee with a 6 percent gain, the poll shows………………………………….Full Article: Source

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Dollar slips after disappointing US GDP report

Posted on 23 December 2009 by VRS  |  Email |Print

From Dow Jones: The dollar declined against the euro Tuesday after a worse-than-expected measure of U.S. economic growth cut into the perception the U.S. was emerging from recession at a quicker pace than its competitors.

The slower than previously reported growth could dim expectation the Federal Reserve will increase key interest rates sooner than had been expected, kicking the legs out from under the dollar’s recent support………………………………….Full Article: Source

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Commodity Exchange trade greenhouse gas emissions securities, starting Monday

Posted on 23 December 2009 by VRS  |  Email |Print

From Financiarul.ro: The Sibiu Monetary Financial and Commodities Exchange (BMFMS) will launch starting Monday the futures contract having as an active support the greenhouse gas emission securities (EGES) having CO2 RON 2008-2012 as a symbol, BMFMS release informs.

The contract numbers 100 EGES and the transaction step is worth 0.01 lei (1 leu per contract). The contracts are repayable every day. The contract initiated at the beginning of each transaction is due back on the same day. The single due daily back-payment will be permanently available during the trade session………………………………….Full Article: Source

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Wheat rises on speculation investors will boost grain holdings

Posted on 23 December 2009 by VRS  |  Email |Print

From Bloomberg: Wheat rose on speculation that managers of hedge funds and commodity-index funds will purchase more grain futures next month as they expand holdings of underperforming assets expected to rebound in 2010.

Fund managers may buy grains, including wheat, after Jan. 1, expecting demand for raw materials to improve as the dollar weakens, said Jon Marcus, the president of Lakefront Futures & Options LLC in Chicago………………………………….Full Article: Source

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Forward in commodity trading

Posted on 23 December 2009 by VRS  |  Email |Print

From Marketoracle.co.uk: In the world we live in, nothing is easy. No one is spared sorrow, pain, and sometimes anger associated with their mistakes. Lets face it …we all make mistakes. Mistakes in commodity trading are costly.
However sometimes it is the best money spent if we learn from them. However…all too many commodity traders do not learn from their mistakes..they make the same ones over and over until they quit with disgust. It does not have to be this way………………………………….Full Article: Source

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Scroogenomics: Give gold, not myrrh

Posted on 23 December 2009 by VRS  |  Email |Print

From Economist.com: December dismays Joel Waldfogel, an economist at the University of Pennsylvania’s Wharton School and the author of a new book called “Scroogenomics”.
Mr Waldfogel objects to the ritualised frenzy of shopping for gifts that precedes the enormous meals and awkward family reunions that are the other hallmarks of Christmas in the Western world………………………………….Full Article: Source

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Farmers, not bankers will drive Ferraris: Jim Rogers

Posted on 22 December 2009 by VRS  |  Email |Print

From Commodityonline.com: Where is the global economy heading? Legendary investor Jim Rogers and global investment guru Marc Faber have interesting outlooks on how the financial crisis sweeping across the world is a tip of the ice berg.

Rogers and Faber argue that the US dollar is on a path to death and gold prices will continue to rise on the declining dollar value………………………………….Full Article: Source

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UK funds still favour alternatives

Posted on 22 December 2009 by VRS  |  Email |Print

From Reuters: British fund managers continued to build positions in alternative investments as commodities remain in favour though some have started to express concerns about overvaluation, according to a Reuters poll.

Allocations to alternatives increased to 11.8 percent in December, from 11.1 percent in November according to the Reuters poll on a like-for-like basis comparing the same respondents over the two months………………………………….Full Article: Source

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